A DISUSED pharmaceutical factory is to be transformed into a hi-tech business park which could create up to 1,000 jobs.

The former GlaxoSmithKline site closed in June after a threeyear wind down.

London-based New Capital Developments has bought the 30-acre site on Speke Boulevard, near Liverpool John Lennon Airport, and hopes to attract pharmaceutical and life science businesses.

The centre used to make inhalers for asthma sufferers will become a pharmaceutical manufacturing plant.

The main factory will becomea business centre with office and laboratory space.

The park will include a warehouse complex, which could house a separate business.

The site was sold on Friday and six companies have expressed an interest.

New Capital hopes to sign deals by the New Year.

New Capital director Mike Boynes said: "We believe there are some exiting opportunities for us here at Speke, in particular by further building on the biopharm base."

He added companies would be attracted to the site because of its proximity to the airport and National Bio Manufacturing Centre (NBMC) being built at the Estuary Business Park.

The NBMC will be a base for some of Britain's leading scientists who will help commercial companies in south Liverpool with research.

Companies wanting to consult specialists at the NBMC will be able to rent space at the new business park by the week. Mr Boynes last night said New Capital would provide "substantial investment" for the scheme but he declined to say how much, or how much was paid for the site.

Liverpool Garston MP Maria Eagle said: "I hope that New Capital will succeed in bringing up to 1,000 jobs to the area and repeat the success of their similar venture in Knowsley."

At its height, the Glaxo factory employed 600 people but three years ago management decided the pharmaceutical plant would close, despite union negotiations and protest rallies.

Liverpool Land Development Company chief executive David Waugh, said: "The proposals for the site will support our drive to attract investment and jobs to Speke Halewood by expanding the portfolio of sites and premises available to companies looking to relocate to this part of the region."